Despite speculation, the Dubai property market is stabilising, according to the latest index. It highlights that prices went up by 0.28% in April (compared to last year) and sales decreased by just 0.02%.
Dubai is a luxury country – it is a city and emirate in the United Arab Emirates. They are profoundly popular for their luxurious shopping opportunities, their ultramodern architecture that stands out from miles away and their booming and lively nightlife scene. For property investors, buyers and sellers, staying on top of property news from the Middle East are essential to forecasting the future of Dubai’s real estate market.
The real estate market in Dubai shows how apartment prices have fallen by 0.13% month on month but went up by 0.51% year on year. Villa prices went up by 0.44% month on month but went down by 0.66% year on year.
In the lettings market, the index highlighted that rents have fallen by 0.39% and are down by 4.08% compared to April 2016. Apartment rents fell by 0.41% month on month and by 3.49% year on year. Villa rents went down by 0.31% month on month and down 7.29% year on year.
Neighbouring Abu Dhabi shows that their real estate market is experiencing a downward trend as prices fell by 0.47% month on month and are down 6.55% compared to April 2016. Apartment prices, in particular, were down by 0.48% month on month and 6.51% year on year. Villa prices dropped by 0.44% month on month and 6.68% year on year.
In Abu Dhabi’s letting market, rents were down by 0.88% during April and 10.47% year on year. Apartment rents dropped by 0.74% month on month and 11.02% year on year. Villa rents were down 1.45% month on month and 8.29% year on year.
These facts and figures provide worthy insight, not only into the Dubai property market but also into the Middle East as a whole. The housing market really does alter on a regular basis so it’s vital that those interested in property news stays up to date with global real estate changes.
Property news is always varying, and although the percentage difference doesn’t appear a lot, they still can change the way people buy and the habits of sellers/investors. Now, what is your opinion of the Middle East property market? (comment below).
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Written by Gemma Smith